Blockchain M&A: Riot Blockchain’s Acquisition of Whinstone US

Sidley Austin LLP advised Riot Blockchain, Inc. on the deal.

Riot Blockchain, Inc. (NASDAQ: RIOT) announced its acquisition of Whinstone US, which operates the largest Bitcoin mining hosting facility in North America. The transaction is valued at US$651 million, with the consideration payable in a mix of cash and Riot common stock.

Riot views Whinstone as a foundational element in its strategy to become an industry-leading Bitcoin mining platform on a global scale. The transaction is expected to close during the second quarter of 2021, subject to the satisfaction or waiver of customary closing conditions, including receipt of required regulatory clearances.

The Sidley team is led by Brian Fahrney (Picture), Chris Hale, and Joe Michaels (M&A), as well as Lilya Tessler (FinTech and Blockchain) and Lindsey Smith (Capital Markets). The team also includes Björn Holland, Nick Behrens, Charlie Sorge, and Tamara Sonenshein (M&A); Jim Lowe, Jamie Sadler, and Miriam Carroll Silvestri (Antitrust); John Schaff and Tyler Replogle (Tax); Barbara Endres and Dan Engoren (FinTech and Blockchain); Scott Goldstein (Insurance); Eric Winwood and Marian Fielding (Employee Benefits); Terri Reuter, Pat Casey, and Katie Sreenan (Labor, Employment and Immigration); Ron Erlichman (Project Finance and Infrastructure); Terence Healey (Energy); Anna Remis and Daphne Chen (Technology and IP Transactions); Sujit Raman and Michael Roberts (Privacy and Cybersecurity); Heather Palmer and Allen Braddock (Environmental); and David Teitelbaum and Matthew Katz (Banking and Financial Services).

Law Firms: Sidley Austin LLP;
Clients: Riot Blockchain, Inc.;